Mumbai overtakes Beijing as Asia's Billionaire capital with 92 Ultra-Rich
Mumbai, the financial hub of India, has surpassed Beijing to become Asia's billionaire capital for the first time, boasting 93 members in the exclusive wealthy circle, as reported by the 2024 Global Rich List published by the Hurun Research Institute. According to the Shanghai-based Institute, New York and London maintain their lead among cities, with 119 and 97 billionaires respectively.
Meanwhile, New Delhi also made it to the coveted list for the first time ever. "Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third spot in the world and Asia's billionaire capital. New Delhi broke into the Top 10 for the first time", said the Hurun Global Rich List 2024.
The remarkable ascent in India's prestigious billionaire cohort was spearheaded by Mukesh Ambani, the chairman of Reliance Industries, with a net worth of $115 billion, and Gautam Adani, the chairman of the Adani Group, whose wealth surged by 33% to $86 billion. According to the report, the country has seen an increase of 94 individuals in its list of ultra-high-net-worth individuals (UHNWI), bringing the total to 271, the highest since 2013. Mumbai alone has added 26 individuals to this list.
Rohiqa Cyrus Mistry, heading Sterling Investments, and Ina Ashwin Dani from the paint manufacturer Asian Paints are among the fresh faces on the list. Mistry, spouse of the late Cyrus Mistry, former chairman of the Tata Group, joins the ranks. This development coincides with India experiencing robust economic growth, with a 7.5% surge in gross domestic product recorded in 2023. Leading sectors contributing to the list of ultra-high-net-worth individuals include pharmaceuticals, automobiles, automobile components, and chemicals.
China, India's neighbor, led the list with 814 billionaires. However, its roster of ultra-rich individuals decreased by 155 compared to 2022 due to turmoil in the real estate and renewable energy sectors, along with underperformance in the stock market. Over the past two years, 40 billionaires dropped off the list as the country's overall wealth declined by 15%. The United States ranked second on the list with 800 billionaires, welcoming 109 new members. The surge in artificial intelligence enthusiasm contributed to these additions, notably with Nvidia's CEO, Jensen Huang, entering the top 30 with assets totaling $48 billion.
A notable addition to the list was pop sensation and Time's Person of the Year, Taylor Swift, with a wealth of $1.2 billion. Her fortune primarily stems from royalties, with her Eras Tour playing a significant role in her ascent. In total, the United States represented 37% of the global rich list, which encompassed 3,279 individuals from 73 countries. The number of billionaires saw a 5% increase, accompanied by a 9% rise in their combined wealth.